11/08/2017

Economic Update: Issue 8/2017

The Central Bank of Malta has just published its latest Economic Update, based on information available up to 9 August 2017. 

The Bank's Business Conditions Index (BCI) edged down in July, signalling slightly below average activity levels. Economic sentiment fell marginally during the month, as weaker sentiment among consumers, in industry and in construction offset improved confidence in the services and retail sectors.

In June, retail sales grew moderately in annual terms, while industrial production decreased slightly. In contrast, tourism activity continued to grow at a fast pace. 

Labour market conditions remained favourable, as employment grew and the number of registered unemployed declined further.

Price pressures remained moderate, with the annual rate of inflation based on the Harmonised Index of Consumer Prices (HICP) falling to 1.0% in June. 

Maltese residents' deposits rose by 11.6% in June, while credit to residents eased marginally to 1.0%. As regards fiscal developments, the deficit on the cash-based Consolidated Fund narrowed in the first six months of 2017. 

The Economic Update is available on the website of the Central Bank of Malta.

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